If you are childless and married, or in a civil partnership, all of your assets pass to your other half when you die. You might think then, that if you want to leave everything to your spouse there is no need to make a will.

However, as Laura Thompson, a Senior Associate in the Private Client team at WBW Solicitors in Launceston explains, there are other considerations which make leaving a will highly advisable, even if you and your spouse have no children and you want everything you own to go to each other after one of you dies.

First of all, you need to consider what happens to your estate if you and your partner die at the same time, perhaps in a car crash. If neither of you have a will, the strict rules of intestacy apply and your estates will pass to your remaining relatives in the priority dictated by the law, which may not be according to your wishes. If there are no surviving relatives, all of your assets would pass to the Crown as ownerless property (or bona vacantia, as it is known).

Next up, if you die but do not leave a will, your sole beneficiary (your spouse) would have to be the one who has to apply for probate and administer your estate when you pass away, and they may not wish to do this when they are dealing with their grief. By making a will, you can name an executor to take care of the estate administration, thus removing any potential heartache, confusion and complications.

Finally, there is the question of inheritance tax. Being married carries the considerable benefit of making everything you leave to your spouse on your death, inheritance tax free.

In addition, everyone has a ‘nil-rate band’ (currently £325,000) which they can leave to whomever they like without incurring inheritance tax liability. When you die, as long as you have not used up any of your allowance by, for example, giving life-time gifts, you can pass this nil rate band onto your spouse, meaning they can leave £650,000 to anyone of their choice and no inheritance tax will be payable.

All well and good but if, after you have gone, your spouse’s assets are worth more than this combined nil-rate band, when they die inheritance tax will be payable on anything more than the £650,000 nil-rate band, making tax-planning to minimise this liability imperative. This would include making a will which can be used to reduce the inheritance tax bill by, for example, leaving money to charity. A specialist private client solicitor can help you draw up a will and offer expert advice on reducing any future inheritance tax liability.

You may decide that you wish to support a charity with a legacy, and it can be advantageous to do this through your will.

For more information on wills and inheritance tax, or any other private client issue, contact Laura Thompson at WBW Solicitors in Launceston on 01566 771022 or email laurathompson@wbw.co.uk.

WBW Solicitors has offices in Axminster, Bovey Tracey, Brixham, Chard, Exeter, Exmouth, Honiton, Launceston, Newton Abbot, Paignton, Seaton, Sidmouth, and Torquay.

This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.